Prosperity Bancshares (NYSE:PB – Get Free Report) was downgraded by StockNews.com from “hold” to “sell” in a research note issued to investors on Wednesday.
Several other equities analysts have also recently issued reports on PB. Royal Bank of Canada increased their price target on Prosperity Bancshares from $70.00 to $74.00 and gave the company a “sector perform” rating in a report on Thursday, July 25. Wedbush increased their price target on Prosperity Bancshares from $63.00 to $75.00 and gave the company a “neutral” rating in a report on Thursday, July 25. DA Davidson increased their price target on Prosperity Bancshares from $78.00 to $82.00 and gave the company a “buy” rating in a report on Thursday, July 25. Compass Point increased their price target on Prosperity Bancshares from $73.00 to $80.00 and gave the company a “buy” rating in a report on Friday, July 26. Finally, Truist Financial raised their price target on Prosperity Bancshares from $68.00 to $81.00 and gave the stock a “buy” rating in a report on Thursday, July 25. One equities analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have assigned a buy rating and one has given the stock a strong buy rating. The company currently has an average rating of “Moderate Buy” and a consensus price target of $74.81, according to data from MarketBeat.com.
Get our latest analysis on Prosperity Bancshares
Price development of Prosperity Bancshares
Shares of PB opened at $70.14 on Wednesday. The stock’s 50-day moving average price is $63.83 and its 200-day moving average price is $63.28. Prosperity Bancshares has a 1-year low of $49.60 and a 1-year high of $74.05. The company has a market cap of $6.73 billion, a price-to-earnings ratio of 16.16, a price-to-earnings-growth ratio of 1.44 and a beta of 0.91.
Prosperity Bancshares (NYSE:PB – Get Free Report) last released its quarterly earnings results on Wednesday, July 24. The bank reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.02. Prosperity Bancshares had a return on equity of 6.32% and a net margin of 25.10%. The company had revenue of $458.95 million during the quarter, compared to analyst expectations of $290.06 million. During the same quarter last year, the company reported earnings per share of $1.21. As a group, equities analysts expect Prosperity Bancshares to post earnings per share of $5.06 for the current year.
Institutional inflows and outflows
Several major investors have recently added to or reduced their stakes in the company. Raymond James & Associates increased its stake in shares of Prosperity Bancshares by 12.9% in the fourth quarter. Raymond James & Associates now owns 19,115 shares of the bank’s stock valued at $1,295,000 after purchasing an additional 2,188 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Prosperity Bancshares in the fourth quarter valued at $1,119,000. Louisiana State Employees Retirement System acquired a new stake in shares of Prosperity Bancshares in the fourth quarter valued at $1,781,000. Strs Ohio acquired a new stake in shares of Prosperity Bancshares in the fourth quarter valued at $2,192,000. Finally, Zürcher Kantonalbank Zürich Cantonalbank increased its stake in shares of Prosperity Bancshares by 15.4% during the fourth quarter. Zürcher Kantonalbank Zürich Cantonalbank now owns 16,909 shares of the bank’s stock valued at $1,145,000 after acquiring an additional 2,254 shares during the last quarter. 80.69% of the shares are currently owned by institutional investors and hedge funds.
About Prosperity Bancshares
(Get free report)
Prosperity Bancshares, Inc. acts as the bank holding company for Prosperity Bank, which provides financial products and services to businesses and consumers. It accepts a variety of deposit products, such as demand, savings, money market and time accounts, and certificates of deposit. The company also offers one- to four-family residential mortgages, commercial real estate and multifamily residential mortgages, commercial and industrial, agricultural and non-real estate agricultural loans, and construction, land development and other real estate loans; consumer loans, including secured loans for autos, mobile homes, boats, home improvement, personal loans, and deposit accounts; term loans and lines of credit; and loans for consumer durables and home equity, as well as loans for working capital, business expansion, and the purchase of equipment and machinery.
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